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I disagree on this point. Most wealthy people are self made and not inheritance derived. Most of us are not born with a silver spoon but have to make our way in the world. I think that most FHBs who buy their house outright have either made a lot of money at a young age, are good investors...

We really don't know how the 10% of FHBs buy their house outright. It does prove that property is much more affordable than is generally portrayed by the media. One if people can save the median price of 500k for a house, it must mean that houses are not that expensive, relative to income. Two...

If you go to Table 4, you will find that the percentage of FHBs without a mortgage in 1995-1996 was about 16% dropping to 6.9% in 2008. Still, most people associate home purchase as being done with a mortgage and how allegedly difficult it is. Therefore, I always like to point out that many...

I thought I would provide the link from the Australian Bureau of Statistics with regards to first home buyers without a mortgage. http://www.abs.gov.au/ausstats/[email protected]/featurearticlesbytitle/6B12D0A255A76E8ECA257665001EA4D8?OpenDocument Unfortunately, the demographics and characterstics...

Be aware that the Australian Bureau of Statistics says that about 10% of first home buyers buy their home with cash outright, no mortgage. This has been the case for the past decade. This fact is not well publicised but shows that homes are really quite affordable in our community.